Iran-US Tensions Fuel $97 Oil Prices as Maritime Risks Soar

West Texas Intermediate (WTI) US Oil prices surged on Thursday, reaching nearly $97.00 per barrel as geopolitical tensions escalated between the United States and Iran.

The intensifying conflict has raised concerns over potential disruptions to energy supplies from the Middle East, driving up oil prices by 2.93% on the day.

A senior Iranian official stated that the Islamic Republic was ready for a more intense war and would step up its counterstrikes if the US continued attacking its territory and infrastructure.

Risks to maritime traffic have increased, with Iran attacking 10 ships near the Strait of Hormuz after the US sank five Iranian Oil tankers, marking the largest wave of attacks on shipping by both sides since the conflict began six months ago.